DA leader Mmusi Maimane says Economic Freedom Fighters (EFF) deputy president Floyd Shivambu must have personally benefited from VBS Mutual Bank. The EFF leader’s brother Brian Shivambu is alleged to have received R16 million from the bank.

On Wednesday, the Reserve Bank released a forensic report which shows that those implicated in irregularly getting millions of rand in loans include politicians, traditional leaders and business people.

Maimane says all those implicated should account.

“On behalf of all the poor South Africans who were defrauded and money that was stolen you can’t help but feel that a great injustice has been committed here. Those who have committed that crime must be prosecuted and locked up because they have now locked up our people in prison poverty and they themselves must face prison.”

The DA leader highlighted that the National Prosecuting Authority (NPA) must now act on those implicated, regardless of political affiliation. “We need the NPA to do its job and let all those parties involved – ANC, the EFF it doesn’t matter – they must come before South Africans and account.”

Listen: Mmusi Maimane  on VBS Banks saga


The EFF has called for the criminal prosecution and blacklisting of all those who illegally benefited from the large-scale looting at VBS Mutual Bank.

In a statement, The EFF raised its concerns about the report titled “VBS Mutual Bank – The Great Bank Heist” which was released on Wednesday, but has not mentioned a word about the brother of one of its leaders and employee Brian Shivambu who was named as a participant in the looting scheme.

The party has called on the South African Reserve Bank to review its ability and mechanisms to monitor banks. The EFF also said shutting the bank will not help efforts to increase what it calls black participation in the financial sector.

Meanwhile, the African National Congress (ANC) has warned that heads will roll if its investigation reveals that some senior officials in Limpopo are involved in the VBS Mutual Bank saga.

Spokesperson Pule Mabe says it is time for the ANC to focus on its renewal adding that it will not tolerate corruption.

Mabe says party structures will be consulted on the matter and action taken against senior officials implicated in the collapse of VBS.

The report found that some 50 people received almost two-billion rand over a three-year period starting in March 2015.